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This paper extends the standard neoclassical model by considering a technology sector through which an economy with limited human capital attempts to catch up with a given "locomotive" pushing exogenously technical progress. In periods of technological stagnation, economies close enough to the...
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The locomotive theory is likely to come up again for discussion at the next summit of the major industrial nations in … Bonn in July. What are the basic ideas behind this theory? And what are its chances of success if adopted as an economic …
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